Investment banker, his wife and family friend plead guilty to insider dealing

11 Jan 2011 12:19 PM

Christian Littlewood, a senior investment banker and former Financial Services Authority (FSA) Approved Person, his wife Angie Littlewood (also known as Siew Yoon Lew and Angie Lew) and a family friend Helmy Omar Sa’aid have pleaded guilty to 8 counts of insider dealing contrary to section 52 of the Criminal Justice Act 1993. They are alleged to havme made approximately £590,000 profit from the trades.

The offences relate to trading in a number of different London Stock Exchange and AIM listed shares between 2000 and 2008 and were only brought to an end when the City of London Police working with FSA staff arrested the Littlewoods in March 2009.

The third defendant Helmy Omar Sa'aid was returned to the UK in March 2010 following the execution of a European Arrest Warrant in Mayotte, one of the Comoros Islands.

The case was bought by the FSA and heard at Southwark Crown Court. It is the sixth successful prosecution for insider dealing bought by the FSA and is part of its ongoing drive to tackle market abuse and promote efficient, orderly and fair markets.

Margaret Cole, managing director of enforcement and financial crime, said:
“It seems that the penny is beginning to drop. These guilty pleas show that our strategy of a tough approach to insider dealing - and, in particular, demonstrating that we are prepared to fight difficult criminal prosecutions to trial - is paying off. Dedicated hard work, bold and innovative use of the tools at our disposal and close seamless co-operation between our markets, enforcement and intelligence functions underpin our successful track record in this complex area.”

The full sentencing and confiscation hearing will take place in the week commencing 31 January.

Notes to editors

1. The FSA has so far secured a number of sentences of imprisonment (two suspended) in relation to insider dealing: Christopher McQuoid and James William Melbourne in March 2009; Matthew and Neel Uberoi in November 2009, Malcolm Calvert on 11 March 2010, Anjam Ahmad on 22 June 2010 and Neil Rollins due to be sentenced on 21 January 2011. Details of each case are available on the FSA website.
2. The FSA is currently prosecuting 12 other individuals for insider dealing:
   
   

   Name	Trial date
   Bijal Shah	commencing 19 September 2011
   Truptesh Patel	commencing 19 September 2011
   Paresh Shah	commencing 19 September 2011
   Mitesh Shah	commencing 19 September 2011
   Neten Shah	commencing 19 September 2011
   Ali Mustafa	commencing 19 September 2011
   Pardip Saini	commencing 19 September 2011
   James Paul Sanders	Magistrates hearing 28 March 2011
   Miranda Sanders	Magistrates hearing 28 March 2011
   Christopher Hossain	Magistrates hearing 28 March 2011
   James Swallow	Magistrates hearing 28 March 2011
   Adam Buck	Magistrates hearing 28 March 2011

3. The Financial Services and Markets Act 2000, gives the FSA powers to investigate and prosecute insider dealing, defined by The Criminal Justice Act 1993.
4. The Supreme Court has recently confirmed that the FSA has the power to bring proceedings for money laundering offences.
5. Individuals with information about market abuse can call the FSA’s market abuse hotline on 020 7066 4900.
6. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.